Winklevoss Claims Bitcoin’s Surge to $80k Uninfluenced by Retail FOMO: Gemini Insights

Gemini Co-Founder Foresees Bigger Bitcoin Surge; Downplays Role of Retail Fear of Missing Out in Recent Rally to Historical Peak

Winklevoss Claims Bitcoin's Surge to $80k Uninfluenced by Retail FOMO: Gemini Insights

Key Points

Gemini co-founder Cameron Winklevoss has speculated that the most recent price surge of Bitcoin (BTC) was not fueled by retail investors’ fear of missing out (FOMO), but rather by steady ETF demand. In a post on November 11, Winklevoss dismissed theories that the price spike above $80,000 was driven by retail investors. He suggested that the surge was more likely due to steady ETF demand.

ETF Demand Drives Bitcoin Spike

Winklevoss stated, “People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising.” However, he did not provide a specific timeframe or scenario for when retail traders might return to the market. He did, however, imply that the recent surge in Bitcoin’s price is just the beginning of a new rally.

Analysts Predict Further Growth

Winklevoss’s comments align with the expectations of other analysts and traders, who believe that Bitcoin’s rally could push its price beyond the $100,000 mark. For example, Dan Tapiero, CEO of 1RoundTable Partners, has speculated that Bitcoin could eventually reach as high as $350,000.

Nonetheless, some market observers are urging caution. CryptoQuant CEO Ki Young Ju has warned of potential market corrections, citing “overheated” indicators in Bitcoin futures. In a post on November 9, he specifically noted that a correction could bring Bitcoin’s price down to $58,974 before the rally potentially continues.

At the time of reporting, Bitcoin was trading at $80,974, with a market capitalization exceeding $1.6 trillion.

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